Investment Bankers; Applied Economics

The vast majority of individuals on my course (at both undergraduate and post-grad levels) have ambitions to head into investment banking, lured no doubt by the promise of substantial starting salaries and serious bonuses ($1m+) a couple of years down the line. The reasons I don’t? Well…. besides the dubious morality, suspect motivations and countless other allegations, more the attitude of the type of individual involved. Take the below as an example.

While I’m all for applying economics to the real world, the following [a quote from an unnamed JP Morgan banker, taken from The Times, responding to a personals ad] just seems a touch, well, crass:

“You bring your looks to the party and I bring my money. But here’s the rub. Your looks will fade and my money will likely continue in perpetuity . . . So in economic terms, you are a depreciating asset. You’re 25 now and will likely stay pretty hot for the next five years, but less so each year. By 35, stick a fork in you!

“So in Wall Street terms, we would call you a trading position, not a buy and hold. I hope this is helpful and if you want to enter into some kind of lease, let me know.”